I will be happy to assist you. First, please explain your concern over "large item be affected". I am not sure I understand what your question is if you default on credit cards. Thank you!
Thank you. I understand now.
Credit cards are "unsecured debt", that means that they can't repossess your trip to Tahiti. The credit card company cannot repossess the car, because they put up the money unsecured, and they are not going to be in the car resale business.
If you default on the cards, they could sue you for the balance, and receive a judgment against you. They could then garnish your bank account, put a lien on property, and take your car to satisfy the judgment. They cannot attach your social security income.
If you file bankruptcy you run the risk of the Trustee taking the car to be sold to pay creditors. Since you own the car outright it is now an asset they may look to for payment to creditors.
You are doing the right thing trying to negotiate a repayment plan or reducing the interest. Please let me know if you have further questions.
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